2021 - SOCPA

22 Apr 2021

SOCPA to Hold a Series of Workshops to Introduce the International Codes of Professional Behavior and Ethics

The Saudi Organization for Chartered and Professional Accountants held a workshop on the international codes of professional behavior and ethics, which will come into force in the middle of next year (2022 ). Participated in the workshop were Professor Ahmed Al Shaniqiti, a member of the Ethics and Conduct Committee, and team leader, Professor Khaled Bahjat, a member of the Committee, and Dr. Yasser Fallatah, advisor to the Committee. The workshop's themes included the steps to conver...

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22 Apr 2021

SOCPA Shares Opinion on the Initial Decision of the International Interpretations Committee Regarding Costs of Sell...

The Saudi Organization for Chartered and Professional Accountants expressed its views on the initial decision of the International Interpretations Committee on the costs of selling inventory, which decided in principle that the costs of selling the inventory that must be deducted from the expected selling price to reach the net realizable value are not limited to the additional costs associated with the sale transaction, but rather all selling costs. Even if it isn't related to selling a s...

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19 Apr 2021

SOCPA Completes the Transformation System to International Standards by Adopting the International Professional Cod...

The Saudi Organization for Chartered and Professional Accountants Board of Directors approved the international codes of professional behavior and ethics and in line with the regulatory environment in Saudi Arabia. Dr. Ahmed Al Maghamis, Secretary-General of SOCPA, has stressed the importance of this transformation, which constitutes a qualitative leap in the direction of enhancing the quality of the practices of the accounting and auditing professions in Saudi Arabia, and its consistency with i...

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19 Apr 2021

SOCPA's Opinion on the Initial Decision of the International Interpretations Committee

The Saudi Organization for Chartered and Professional Accountants provided its opinion on the initial decision of the International Interpretations Committee one stopping entities from the preparation of financial statements on the basis of continuity. The inquiry was about the late preparation of the financial statements of previous years when the company was operational after the entity decided to cease its operations. SOCPA clarified that its point of view on this issue stems from the bel...

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15 Apr 2021

SOCPA Adopts the Amendments of IASB on International Accounting Standard No. 8

SOCPA Adopts the Amendments of IASB on International Accounting Standard No. 8 The Saudi Organization for Chartered and Professional Accountants has adopted the amendments made by the International Accounting Standards Board to IAS 8: This update aims to provide a more specific definition of accounting estimates and to reformulate the examples contained in the standard related to other standards to match the formulation of those standards that were issued after this standard. It should b...

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14 Apr 2021

SOCPA Adopts IASB Amendments on International Accounting Standard No. 1

The Saudi Organization for Chartered and Professional Accountants has adopted the amendments made by the International Accounting Standards Board to IAS 1: as this update aims to focus on disclosure of important information about accounting policies instead of disclosure of significant accounting policies. The amendment is as follows: The use of the word "material" instead of the word "significant" because the word "material" is defined in the standards, and i...

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